ThromboGenics' Board Announces Decision to Explore Strategic Options for the Company
24 Feb 2014
Focus on Realizing the Commercial Potential of JETREA® in the US and
Capitalizing on the Company's Proven Product Development Capabilities
Leuven, Belgium – 24 February, 2014 - ThromboGenics NV (Euronext Brussels: THR), an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines for the back of the eye, today announces that the Board has decided to explore strategic options for the Company. This decision is intended to increase the Company's ability to realize the significant commercial potential of JETREA® in the US, and to fully capitalize on the Company's proven product development capabilities.
The Board has retained Morgan Stanley to help with the strategic review process.
ThromboGenics successfully developed JETREA®, the first and only pharmacological treatment indicated for symptomatic vitreomacular adhesion (VMA)/ vitreomacular traction (VMT) in the US and Europe respectively. Symptomatic VMA/VMT is a progressive, sight-threatening condition that may lead to visual distortion, decreased visual acuity and central blindness. JETREA® offers an earlier and easy to administer treatment option, which avoids patients having to experience deterioration in their disease state to a point where a vitrectomy is the only solution.
ThromboGenics' strong clinical, regulatory and market access capabilities have led to the efficient development and approval of its lead drug JETREA®.
This novel drug has received positive health technology assessments leading to full reimbursement and coverage in the US, key markets in Europe and Canada. These assessments have highlighted the patient benefits of JETREA® including when used to treat patients with symptomatic VMA earlier. This experience will be important as ThromboGenics looks to broaden the retinal indications that JETREA® could be used for.
During 2013, ThromboGenics focused its efforts on the launch of JETREA® in the US where the company decided to launch the drug on its own.
2013 has been a learning year for ThromboGenics. The high level of awareness of JETREA® amongst the retina community in the US at the time of launch, has not yet delivered the sales volume that the Company had anticipated. In 2013, close to 7000 patients were treated with JETREA® in the US.
Clinical experience with the product to-date has shown that JETREA® is effective and safe, and ThromboGenics continues to believe that, despite the commercial challenges it has encountered to-date in the US, JETREA® will find its place as a new standard of care for the earlier treatment of symptomatic VMA/VMT.
Dr Patrik De Haes, CEO of ThromboGenics comments: "The Board has made this decision to explore alternative options for the Company to increase its ability to realize the significant commercial potential of JETREA® in the US market. We are starting the strategic exercise with an open mind. We will update the market in due course".